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Jan 17, 2013
01/13
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is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to this craziness we see the market reacting in a way you can't anticipate. what would happen to our 401(k) if congress he said they have to get together, i was thinking two words, "good luck." whether they can't do something? >> if they don't raise the debt ceiling and let's say we get debt downgrades, the market has a fit basically and drops as they did in 2011, all our investments will get hit. the stock market will go down as it did in a big way in the summer of 2011. on the other hand, if they extend the limits, the debt ceiling limit and do something more, maybe not a grand compromise, somet
is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to...
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Jan 18, 2013
01/13
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CSPAN2
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that if you inadd veer -- inadvertently did not disclose information, you are put at a credibility deficit with the public, and sometimes it is hard to dig out of that. it is very difficult for organizations, especially in a crisis response, to think about just releasing the information before it's asked for and remove that deficit. i've been involved in several situations where the information was available and the information was understandable and probably mitigated some of the concerns, but because of the way the companies in the government work, it was difficult to make that transparent and then catching up with that with the american public is really, really difficult. nancy and marcia, we had talked about this with jay a lot. one of the problems we have in mental anguishing impacts -- measuring the impacts of the spill in the gulf is the lack of the background of the presence of hydrocarbons as a baseline for understanding there had been a change. in the context of moving beyond the direct aims of the research that's going to be conducted with the bp money, what do you think the lar
that if you inadd veer -- inadvertently did not disclose information, you are put at a credibility deficit with the public, and sometimes it is hard to dig out of that. it is very difficult for organizations, especially in a crisis response, to think about just releasing the information before it's asked for and remove that deficit. i've been involved in several situations where the information was available and the information was understandable and probably mitigated some of the concerns, but...
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Jan 16, 2013
01/13
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the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes from the budget control act. we have a trillion and a half of spending cuts. essentially in terms of deficit reduction, and has over 600 billion. the account interest, we have essentially of a deficit reduction of $2.5 trillion. the president set a goal of an additional $1 trillion in deficit reducti
the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right....
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Jan 16, 2013
01/13
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and the deficit and we ought to cut -- we ought to eliminate government programs. certainly there are government programs that are neither efficient, effective or necessary. and those, yes, those should be cut. but when you start talking about infrastructure, this is something that we really must do. it was said that for an expenditure of some $15 billion , new york city could have protected its subway system and the shoreline from the devastation of two major storms. one that occurred a year ago and another one that occurred just 97 days or three months ago, superstorm sandy. so if we get ahead of these disasters and build the necessary protections, for example, in my district, if we build those levees, yes, it will cost money, but in one area it's about $1 billion. very expensive. no doubt about it. but if we do not protect, do not build those levees, the devastation will amount to several times that amount of money. that's precisely what happened in manhattan and in the new york city area. so, again, you spend that money up front, yes, you put people to work, ye
and the deficit and we ought to cut -- we ought to eliminate government programs. certainly there are government programs that are neither efficient, effective or necessary. and those, yes, those should be cut. but when you start talking about infrastructure, this is something that we really must do. it was said that for an expenditure of some $15 billion , new york city could have protected its subway system and the shoreline from the devastation of two major storms. one that occurred a year...
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Jan 14, 2013
01/13
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we'd be looking at deficits. >> $6 billion to $8 billion. >> yes. basically what we have in this budget proposal, what the governor's put forth is essentially $4.1 billion more just to k-12 and higher education. breaks down roughly to about $1 billion to higher ed and $2.7 billion more going in in this forthcoming budget year for k-12. that money and the money that has been, has shored up this year's figures would be gone. it would not be there. and we'd be at the historic low spending that we have had for years. frankly, you know, he's contemplating having $2,700 more state funding per student by 2016-2017. we've been on the decline for that for years. we're somewhere down around 4 44t9th in per student state spending. this is going to lift us out of the pit. >> it has potential. people are looking the at this potential and say this could be the real deal but we have to wait to see the real numbers. >> exactly. >> it has been praised by a lot of people. >> from both sides of the aisle. >> both sides. the good news there, there's more good news, rig
we'd be looking at deficits. >> $6 billion to $8 billion. >> yes. basically what we have in this budget proposal, what the governor's put forth is essentially $4.1 billion more just to k-12 and higher education. breaks down roughly to about $1 billion to higher ed and $2.7 billion more going in in this forthcoming budget year for k-12. that money and the money that has been, has shored up this year's figures would be gone. it would not be there. and we'd be at the historic low...
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Jan 17, 2013
01/13
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impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer retirement than had occurred in 1995. this is a very serious issue. currently the social security retirement is a pay-as-you-go system that provides more annual benefits than the payroll tax collectors. if left alone, this eventually will lead to insolvency particularly with the rapidly increasing number of baby boomers retire in every day as was referred to by maya and louis. there isn't time today nor do i have the proven expertise to suggest specific solutions it's important that the contras and the administration analyze acceptable me
impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer...
SFGTV2: San Francisco Government Television
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Jan 21, 2013
01/13
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SFGTV2
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our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was excess. because the money flows in in a regular amounts, when money is good, everybody feels good. when $14 billion came in, they thought they were king of the mountain and spend it. arnold came in to clean it up. a couple years later, he left town and $26 billion this year. this has been the nature for the last decade, kicking the can down the road. not talking straight. the way it is. the way it is, it is a tale of two cities. there is fabulous wealth and link electronics, inc. model number: pdr-885 software version: 3.0c in some places it would be food or shelter or lov
our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was...
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Jan 14, 2013
01/13
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FBC
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their rubies smaller running deficits but that was the course scope and size issue. they said it is semantics but that is not the case. lori: do they not like him because he is a tough negotiator? >> that is part of it. >> except john kerry every nomination is criticized even in hagel is not good enough. so the backdrop of the obama was working in with a first term and dynamics were different but that was a solid choice and we could have huge ffghts ahead of us. >> with the cuts coming he no -- we know he will support the spending increase. republicans argue the days of the surplus are long gone. he is in favor of a total reform? >> isn't that much tougher fight? >> it will be fight right -- jeff regardless. he has seen it done before. with 1983 james baker sat down with tip o'neill at 9:00 tonight and signed the final agreement. we don't have that environment anymore. maybe that is good for the sunshine law but with intense media scrutiny and day-to-day negotiations it is tougher to get the deal done. i would like for them to go to camp david for one week. lori: wit
their rubies smaller running deficits but that was the course scope and size issue. they said it is semantics but that is not the case. lori: do they not like him because he is a tough negotiator? >> that is part of it. >> except john kerry every nomination is criticized even in hagel is not good enough. so the backdrop of the obama was working in with a first term and dynamics were different but that was a solid choice and we could have huge ffghts ahead of us. >> with the...
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Jan 14, 2013
01/13
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the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more than debt reduction. they have a vision about what government should and should not do. they are suspicious about government policy commitment to make sure that seniors have decent health care as they grow older. they have suspicions about social security. they have suspicions about whether government should make sure that kids in poverty are getting enough to eat or whether we should be spending money on medical research. they have a particular view about what government should do and should be. that deal was
the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more...
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Jan 15, 2013
01/13
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extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a very serious issue. currently, the social security retirement is as a pay as you go system that provides more annual benefits than the payroll tax collects. if left alone, this eventually will need to insolvency, particularly with the rapidly increasing number of baby boomers who are retiring every day as was referred to by mya and louis. i don't have the programmatic expertise to suggest the right solutions, but it's important to analyze the acceptable message to assure that these programs can be available to future retirees
extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a...
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Jan 19, 2013
01/13
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cities all over the country having to scale back if they can't find the budget deficit. that's what you don't want to do this, local employment during an economic downturn. >> even the fiscal cliff to be right about now. >> this is a huge thing. justice program provides grants to law enforcement to hire more police. that program could easily be 20 or 30 times its billion dollars figure size. it would be one of the most productive things the federal government could do to make progress in this area. >> we agree 18 what the professor outlined in the latter part of what he said is to go after illegal gun market among law-abiding people. we're talking about felons on gun violence from the people engaged gun sales illegal under any interpretation of the law. and go after people with records carrying guns illegally. that's been done in cooperation with u.s. attorney in chicago. it's been reasonably good. they think the important thing is to find ways to go after criminals here. what i'm afraid we're going to do things the assault weapons magazine is to do things that have an e
cities all over the country having to scale back if they can't find the budget deficit. that's what you don't want to do this, local employment during an economic downturn. >> even the fiscal cliff to be right about now. >> this is a huge thing. justice program provides grants to law enforcement to hire more police. that program could easily be 20 or 30 times its billion dollars figure size. it would be one of the most productive things the federal government could do to make...
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Jan 18, 2013
01/13
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FBC
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if we don't get at military industry complex, and social insurance we're kidding ourselves, the deficits will grow. neil: then what. i don't see anything being done. >> i think that is why i say the budget is a doomsday machine, we face a permanent fiscal cliff of 8% gdp gap. i see a constant political battle, every year there will be a deb debt ceiling crisis. neil: what do you think of the president? >> you know you can't have a dictate adictatorship, you havea bad blow up in financial markets. neil: is that coming? >> i do think so, a blame bernanke more than anybody else for the mess, when he said you can borrow money for 3 years to pay federal deficit at 30 basis points that is a rounding error to congress ha is zero, why is anyone going to stand up to social insurance, military industrial complex, the subsidies this bill, 60 billion boondoggle they passed for relief, who'll stand up to that stuff, when the great man, and said i'll take care of it, i'll keep interest at rock bottom. i'll print the money, i'll buy the bond. until we have a house cleaning in the fed, until we get rid
if we don't get at military industry complex, and social insurance we're kidding ourselves, the deficits will grow. neil: then what. i don't see anything being done. >> i think that is why i say the budget is a doomsday machine, we face a permanent fiscal cliff of 8% gdp gap. i see a constant political battle, every year there will be a deb debt ceiling crisis. neil: what do you think of the president? >> you know you can't have a dictate adictatorship, you havea bad blow up in...
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Jan 20, 2013
01/13
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FOXNEWS
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combines tough spending cuts with the balanced way to row deuce the deficit -- to reduce the deficit that, of course, includes revenue. includes asking the wealthiest americans in particular to pay their fair share. >> we have been on that issue and the republicans say that issue is behind us when it comes to taxs. >> take a look at what is in the package in terms of spending. additional savings from medicare and medicaid in it. savings from agricultural sub is sidis. the president already signed a trillion dollars of deficit reduction into law and committed to more spending cuts but we can't just cut our way to prosperity. we have toasting to invest in things like -- we have to continue to invest in things like education and energy. he put reducing the deficit in a balanced way to promote jobs for middle class families and that is going to be his guiding principle through the negotiations. >> i want to ask you quickly about the republican idea. would you support it but with the caveat they are telling the senate you haven't passed a budget in more than three years and you need to do
combines tough spending cuts with the balanced way to row deuce the deficit -- to reduce the deficit that, of course, includes revenue. includes asking the wealthiest americans in particular to pay their fair share. >> we have been on that issue and the republicans say that issue is behind us when it comes to taxs. >> take a look at what is in the package in terms of spending. additional savings from medicare and medicaid in it. savings from agricultural sub is sidis. the president...
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Jan 15, 2013
01/13
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the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and then we can move on, because america has a lot to do. we have to create more jobs, boost the wages of those that have worked and reached for energy independence, reformed immigration system. we have to give our children the best education possible and do everything we can to protect them from the horrors of gun violence. i am grateful to vice president biden for his work on this issue of gun violence and for his proposals, which i will review later today and address in the next few days and intend to vigorous
the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and...
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Jan 18, 2013
01/13
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he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal that has become the defining memo for the effort to try to get that is under control. bob zoellick is fond of quoting a friend of his, the foreign minister of australia. we met a few months ago who said to him the united states is one debt deal away from leading the world out of fiscal chaos and disruption. we are. we truly are. we are a nation on the brink of massive economic expansion. from the place that can't is from, north dakota, you see the change in the paradigm on energy. we will go from importing country t
he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal...
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Jan 15, 2013
01/13
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FOXNEWSW
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the problem is we deficit spend about 3 to 4 billion dollars a day. we collect, we spend about 10 billion a day and that means that we deficit. we have to borrow 3 to 4 billion dollars a day. we spend more than 700 million dollars a day in interest on a national debt. there are lots of things to do. the president has lots of discretion to curb back that spending to make sure that social security payments are paid, interest is paid we don't default on our debt. >> greta: you know, when he voted as a u.s. senator against the debt ceiling, he talked in essence how irresponsible it was to raise the debt ceiling. what in the world happened between then and now? why does somebody responsible for something raise the debt ceiling that wasn't before? what's the difference? >> i think that the president was terribly irresponsible, to say he's not talking about it because he's above it to blame congress, in part congress creates this problem, but we're going to solve this problem. i got elected to uphold the constitution and leave this country better than how we
the problem is we deficit spend about 3 to 4 billion dollars a day. we collect, we spend about 10 billion a day and that means that we deficit. we have to borrow 3 to 4 billion dollars a day. we spend more than 700 million dollars a day in interest on a national debt. there are lots of things to do. the president has lots of discretion to curb back that spending to make sure that social security payments are paid, interest is paid we don't default on our debt. >> greta: you know, when he...
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Jan 15, 2013
01/13
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eye 67
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the deficit. so it shouldn't be surprising, given all this talk, that the american people think washington is hurting, rather than helping, the country at the moment. they see their representatives consumed with partisan brinksmanship over paying our bills, while they overwhelmingly want us to focus on growing the economy and creating more jobs. so let's finish this debate. let's give our businesses and the world the certainty that our economy and our reputation are still second to none. we pay our bills. we handle our business. and then we can move on -- because america has a lot to do. we've got to create more jobs. ofve got to boost the wages those who have work. we've got to reach for energy independence. we've got to reform our immigration system. we've got to give our children the best education possible, and we've got to do everything we can to protect them from the horrors of gun violence. and let me say i'm grateful to vice president biden for his work on this issue of gun violence and fo
the deficit. so it shouldn't be surprising, given all this talk, that the american people think washington is hurting, rather than helping, the country at the moment. they see their representatives consumed with partisan brinksmanship over paying our bills, while they overwhelmingly want us to focus on growing the economy and creating more jobs. so let's finish this debate. let's give our businesses and the world the certainty that our economy and our reputation are still second to none. we pay...
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Jan 15, 2013
01/13
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the president said a core of an additional $1 trillion deficit reduction. if are going to essentially destabilize the data, say 73% of gdp, we are going to have to, in the next period of time have a deficit reduction of about $1.4 trillion. for me, that's the goal we should set a period and so the argument we're having in addition to what the deficit to the target should be, were having a major battle over what should be the composition of deficit reduction. so let me just give you my point of view. the president yesterday talked about having balance had a thing for us democrats, that's the key. there has to be a mixture of spending cut and further revenue. and we need that balance for three reasons. number one, in order to promote economic growth. in my judgment, it followed that comes from cuts in programs, and i will accelerate economic growth. the second reason relates to income inequality. there has been a startling change in the last 20 years really. the middle-class has essentially been stagnant in the figure really is in 2010, 93% of income growth w
the president said a core of an additional $1 trillion deficit reduction. if are going to essentially destabilize the data, say 73% of gdp, we are going to have to, in the next period of time have a deficit reduction of about $1.4 trillion. for me, that's the goal we should set a period and so the argument we're having in addition to what the deficit to the target should be, were having a major battle over what should be the composition of deficit reduction. so let me just give you my point of...
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Jan 14, 2013
01/13
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CNBC
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governor jerry brown saying he will have balanced budget after years of massive deficit. but is it real? probably not, say budget expert. they say that december money was probably a one-off tied to the fiscal cliff. the wealthy taking gains in december to avoid higher tax rates in 2013. revenues from the new california tax they say won't really kick in until this quarter or later in 2013 as brad williams a california budget expert told me, quote, we suspect the added revenues were related to the federal tax changes rather than the new state tax rates. now it all shows that california is more dependent than ever on the wealthy. the top 1% of earners, remember they pay up to half of the state's total income taxes but revenues from the rich are now harder than ever to predict. back to you guys. >> thank you, robert. let's go to michelle ka brumich >> you will have a lot more cartoons available on the kid section only and also the exclusive video streamers of the new seasons of dallas. as you can see, getting a big texas more with more than 2%. back to you, tyler. >> thank yo
governor jerry brown saying he will have balanced budget after years of massive deficit. but is it real? probably not, say budget expert. they say that december money was probably a one-off tied to the fiscal cliff. the wealthy taking gains in december to avoid higher tax rates in 2013. revenues from the new california tax they say won't really kick in until this quarter or later in 2013 as brad williams a california budget expert told me, quote, we suspect the added revenues were related to...
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Jan 17, 2013
01/13
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that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross domestic product. you can see right in the middle of that graph, in 2012, the gross debt of the united states has now reached 104%. why does that matter? the best academic research, a book by rogoff of harvard, reinhard, the university of michigan i think she was when she did the study, look at 200 use of economic history. and concluded once you get a gross debt of more than 90% of your gross domestic product, your future economic prospects are dramatically reduced. future economic growth is reduced anywhere from 25 to 33%. so these are not just numbers
that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross...
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Jan 17, 2013
01/13
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finally, on the federal budget deficit and debt, the committee sees that the budget deficit will continue to decline over the next two years. but we do not characterize the debt and deficit at unsustainably high levels. we do think the deficit is reduced to $925 billion in 2013 and narrowed further, to $728 billion in 2014. that is down from $1.1 trillion last year. that gives you an overview of the committee consensus opinion and i would be happy to answer any additional questions you might how about the committee's outlook. i will be happy to entertain other questions as well. yes? >> just to clarify a little bit on the gdp dragon on the tax hike, was that on the payroll and income tax increases? >> that is correct. >> the 1.25% dragon, was out for the whole year? -- the 1.25% drag, was that for the whole year? >> we think it will be for the whole year of fiscal 2013. >> with the labour market and some improvement on as quick as it was, without just -- there was some sentiment that it might be slowing down. >> we are seeing drags on consumer spending, but also from the ongoing recession
finally, on the federal budget deficit and debt, the committee sees that the budget deficit will continue to decline over the next two years. but we do not characterize the debt and deficit at unsustainably high levels. we do think the deficit is reduced to $925 billion in 2013 and narrowed further, to $728 billion in 2014. that is down from $1.1 trillion last year. that gives you an overview of the committee consensus opinion and i would be happy to answer any additional questions you might...
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Jan 19, 2013
01/13
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cities cannot and budget deficits. what happens when you something like the great recession quite cities all over the country having to scale back because they can't run budget deficits. exactly which you don't want to do a scaled-back local employment during the economic downturn. this is a huge thing. the department of justice program provides grants to local law enforcement to hire more police. the program could easily be 20 or 30 times its billion dollars a year size. it would be one of the most productive things the federal government could do to make progress in this area. >> we agree. i think what the professor just outlined in the latter part of what he said is go after illegal gun markets. were talking about people balanced or selling guns to felons, people engaged in gun sales that are illegal under any interpretation of the law and go after criminal people with records who are carrying guns illegally. that's been done in cooperation in chicago. i think the important thing is to find ways to go after the crim
cities cannot and budget deficits. what happens when you something like the great recession quite cities all over the country having to scale back because they can't run budget deficits. exactly which you don't want to do a scaled-back local employment during the economic downturn. this is a huge thing. the department of justice program provides grants to local law enforcement to hire more police. the program could easily be 20 or 30 times its billion dollars a year size. it would be one of the...
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because when interest rates go up, that means the deficit will go up. so we make the problem worse by taking this route if we go down this pathway. >> i want to throw three terms at you that we've had to stomach out in america. debate over the fiscal cliff, the debate over the debt ceiling and the budget show dunn. all three of these very serious. but which is the most serious. >> the debt ceiling could do damage to our countries for decades to come if we hit it and don't expect the problem. this is the most dangerous thing. this is almost a nuclear option. this is really playing with very dangerous things. and one little mistake could be devastating to our country. >> and yet you still come on day after day and smile with me. thank you. always good to see you. >>> by the way, i just want to remind you if you're doing the math, the treasury says it might come up short in its payments as soon as february 15th. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pur
because when interest rates go up, that means the deficit will go up. so we make the problem worse by taking this route if we go down this pathway. >> i want to throw three terms at you that we've had to stomach out in america. debate over the fiscal cliff, the debate over the debt ceiling and the budget show dunn. all three of these very serious. but which is the most serious. >> the debt ceiling could do damage to our countries for decades to come if we hit it and don't expect the...
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we don't have that kind of capability in the federal government to add the deficit. so you have to open the door to private investment to do this job of rebuilding the power platform in the united states. >> host: and the technology aspect of that is? >> guest: technology aspect is manifold. and price performance improves every 18-24 mocks. in the last year we have gotten into the innovation cycle in batteries so by the end of 2020 electric vehicles will actually be price competitive with grass-driven cars. the problem with these things is that we can't wait. we can't wait because of the environmental effects and we can't wait because we need the economy to grow quickly right now. so the book lays out a whole bunch of different ideas for bringing private investment much more quickly into the job of rebuilding the power grid. >> host: on this show, a series on the international power plant, and he doesn't necessarily agree that the internet is completely green or is terribly green. what is your thought? >> guest: he is right about that. people say that data centers in
we don't have that kind of capability in the federal government to add the deficit. so you have to open the door to private investment to do this job of rebuilding the power platform in the united states. >> host: and the technology aspect of that is? >> guest: technology aspect is manifold. and price performance improves every 18-24 mocks. in the last year we have gotten into the innovation cycle in batteries so by the end of 2020 electric vehicles will actually be price...
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that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this problem after a while. do you think we're headed for a full stalemate? >> it's such a shame. i think david is right because we have low debt service right now. we're paying less interest on our debt than we had in the reagan and bush administrations before because interest rates are so low. >> but they're going to go up one day. >> but not for several years. i'll say it, we should be borrowing more at 30-year, 3% terms, so we can invest in the long-term growth of this economy. this is not the time for further austerity and cuts. if we were even to consider that right now, it would be
that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this...
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and the other factor, too, is we can't forget that one of the best anecdotes to a deficit is a strong, growing economy, particularly growing jobs. and so there are things we have to do to grow jobs. >> i think everybody agrees on the jobs front. anyway, senator jack reed, democrat from rhode island, the senior man when it comes to military affairs in the u.s. senate these days. thank you, sir. >> thank you. >>> up next, the presidential limo gets tagged a political punch. and the second term shuffle continues. another cabinet secretary announces his time for departure. >>> plus, former president bill clinton speaks out on secretary clinton's health and how it could affect any ambitions she might have for 2013. >>> but first, today's trivia question. how many presidents have been inaugurated in an even-numbered year? tweet me the answer, @chucktodd and @dailyrundown. the first correct answer gets a follow we say from us. the correct answer and more is coming up on t"the daily rundo " rundown." nothing. are you stealing our daughter's school supplies and taking them to work? no, i was j
and the other factor, too, is we can't forget that one of the best anecdotes to a deficit is a strong, growing economy, particularly growing jobs. and so there are things we have to do to grow jobs. >> i think everybody agrees on the jobs front. anyway, senator jack reed, democrat from rhode island, the senior man when it comes to military affairs in the u.s. senate these days. thank you, sir. >> thank you. >>> up next, the presidential limo gets tagged a political punch....
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and with new york's budget deficit, it seems obvious that hydrofracking is the way to go. and, of course, governor cuomo is free to set whatever regulations he wants about that to ensure the safety of quality and other things that residents are concerned about. i would say that the project should proceed. it's brought benefit to other states. there's no reason that new york should be left behind. >> okay. right in front. wait for the mic a fun. >> you get very good examples of unsuccessful creations of new green jobs. had also looked at elimination of existing jobs like really good cost-benefit analysis done for regulations? >> the cost-benefit analysis for mercury was a travesty. if you look at the cost-benefit analysis carefully, all the benefits from reducing mercury came from getting rid of particulates and particulates were not the focus of that particular regulation. and what was interesting is the benefits focus on additional days of school. in other words, a few days of schools miss, two days of work missed because of lower levels of particulates, and particularly
and with new york's budget deficit, it seems obvious that hydrofracking is the way to go. and, of course, governor cuomo is free to set whatever regulations he wants about that to ensure the safety of quality and other things that residents are concerned about. i would say that the project should proceed. it's brought benefit to other states. there's no reason that new york should be left behind. >> okay. right in front. wait for the mic a fun. >> you get very good examples of...
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down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor laws, workplace safety laws, environmental regulations to protect, in a sensible fashion, the economy. foreign countries can sell them cheaper the in this country and i think that applies to automobiles as well. maybe the way to have these sensible regulations is to have a sensible tax along the line you are talking about. host: we are talking with freshman democrat from pennsylvania, rep cartwright. next caller. caller: the definition of the fault is not being able to pay your bills. -- the definition of default is not being able to p
down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor...
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it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been addressed. nevertheless, we stil
it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its...
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must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate. >>> with earnings season getting in full swing this week our next guest says results could provide a base for the market to move higher especially because expectations are so darn low. joining us, margie battle, wells fargo advantage funds senior portfolio manager. earnings are low but doesn't bode well for what we'll hear out of these companies, does it? >> well i think some companies have done some preannouncements where they're expecting their growth to slow down because we should have some pretty low gdp growth for the next several months because of all the uncertainty. however, most companies have high c
must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate. >>> with earnings season getting in full swing this week...
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. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and it's not a reduction in baseline, it's a reduction in the rate of growth of spending, which is again suffocating to the private economy and unsustainable over the course of the next several years. >> megyn: one thing we did hear the president reference personally, we heard it from nancy pelosi prior, but the president personally talking about now closing more loopholes and that means higher taxes. we don't know on who, but he would not specify any specific spending reductions and refusing to negotiate with the house republicans on the issue of the debt ceiling. lou, an interesting couple of months. looking for
. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and...
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guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake a deficit-reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we have never tried that before. host: is it feasible? guest: i don't think so. which bills? social security? veterans? people out fighting for this country? which bills you pay? we never tried that. i think the president put it so well. this is not a dead beat nation, really. i think common sense is likely to prevail within the republican ranks. i know firsthand, second-hand, but much of the leadership within the house republican caucus, some of them realize the potential consequences. host: if president obama won on the fiscal cliff de
guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake a deficit-reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others....
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Jan 19, 2013
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growing economy along with making meaningful projects, with immigration reform, climate change, balanced deficit reduction, reducing gun violence and the implementation of the affordable care act. with me now, jim messina, the man responsible for re-electing the president and heading this new non-profit group and he's head of the inaugural parade. this is a busy time for you jim, huh? >> hi, craig, how are you? it's busy, but a lot of fun. >> let's start with this new group here. it's set up like a 501 -- it's set up as a 501c4 group which is different from a super pac. it's able to legally coordinate with the white house. how do you think that's going to help the mission? >> look. we went out and surveyed our members across the country and two things became very apparent. one, they wanted to stay together. they had built something very special through two very tough presidential campaigns and two, they wanted to continue to work on the issues that motivated them to get involved with barack obama in the first place. you talked about them, the economy. immigration reform, climate change. all thin
growing economy along with making meaningful projects, with immigration reform, climate change, balanced deficit reduction, reducing gun violence and the implementation of the affordable care act. with me now, jim messina, the man responsible for re-electing the president and heading this new non-profit group and he's head of the inaugural parade. this is a busy time for you jim, huh? >> hi, craig, how are you? it's busy, but a lot of fun. >> let's start with this new group here....
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we have a training deficit in this country. we need to combine training programs and do a better job. are we going to hurt that effort? that's what's at stake here when the republicans say, just cut regardless. they had no reason to remember yesterday to cut all discretionary notary public defense discretionary programs, and i think sadly a hundred and some republicans, i think, 50 voted for willie-nilly across the board. doesn't matter what it is. that's not the way we proceed. >> host: was this the amendment to the sandy relief bill? >> guest: it was. >> host: and it failed, 70 republicans joined about 188 democrats to beat back that amendment put forth. on the tax side of the ledger, deductions and loopholes is what folks are talking about. when you say "balanced approach qtle, spending cuts, and deductions and loopholes and things like that. what are the big ones that would bring in the most revenue? >> guest: well, we've talked about the itemized deductions and they include mortgage interests, charitable contributions, ect
we have a training deficit in this country. we need to combine training programs and do a better job. are we going to hurt that effort? that's what's at stake here when the republicans say, just cut regardless. they had no reason to remember yesterday to cut all discretionary notary public defense discretionary programs, and i think sadly a hundred and some republicans, i think, 50 voted for willie-nilly across the board. doesn't matter what it is. that's not the way we proceed. >> host:...
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did you sense there was a deficit of trust between, say, you and the president early on? in afghanistan? >> if you think of any complex endeavor that you're a part of, and you're going to do it with a team of people, if you don't trust them at the outset, you're going to have to develop trust very quickly. >> and he never chose you in this case. do you think that's the issue? >> i think he was involved. i was chosen by secretary gates, and clearly approved by the president. so i wases his commander. i replaced general mckiran in june of 2010. i think, though, there are a number of things. i think people underestimate the difference between the cultures of the civilian culture and military culture. it's not an opposition. they are just different. so they use different words, different backgrounds. they have a different understanding sometimes of history. plus a new administration comes in, any new administration, doesn't matter which party. and they've got to form a team and they're trying to internally form a team and also trying to form a team with people like dod. i wan
did you sense there was a deficit of trust between, say, you and the president early on? in afghanistan? >> if you think of any complex endeavor that you're a part of, and you're going to do it with a team of people, if you don't trust them at the outset, you're going to have to develop trust very quickly. >> and he never chose you in this case. do you think that's the issue? >> i think he was involved. i was chosen by secretary gates, and clearly approved by the president. so...
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they think the 1.2 is equal to the deficit. it's only 10% of the deficit. my solution is to raise taxes by $300 billion and cut spending by $900. -- by $900 billion. i find the american public is not very smart. host: you know, that is -- the educational question is a fundamental question. here's what happens. let's talk in practical terms and not a theoretical terms. when paul ryan came out with his budget, he had some substantial changes in medicare and medicaid. over time they would've been phased in. no one over the age of 55 would've been affected by them, giving you time to really prepare for your retirement. the changes were relatively minor in the short run, but compounded over the next 20 years would've made a real difference in our indebtedness. that is not the kind of debate we had last year either at the presidential or senatorial congressional level. it was this. people want to change medicare want to push ganny. off a people who want to change medicaid are hard hearted and don't care about poor people. we never had a debate on the fundamental
they think the 1.2 is equal to the deficit. it's only 10% of the deficit. my solution is to raise taxes by $300 billion and cut spending by $900. -- by $900 billion. i find the american public is not very smart. host: you know, that is -- the educational question is a fundamental question. here's what happens. let's talk in practical terms and not a theoretical terms. when paul ryan came out with his budget, he had some substantial changes in medicare and medicaid. over time they would've been...
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guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake deficit reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we have never tried that before. host: is it feasible? guest: i don't think so. which bills? social security? veterans? people out fighting for this country? which bills do you pay? we never tried that. i think the president put it so well. this is not a deadbeat nation really, and i think common sense is likely to prevail within the republican ranks. i know, if i might say so, if not firsthand, secondhand, much of the leadership within the house republican caucus, not all of it, i think some realizes the potential consequences. host: if p
guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake deficit reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we...
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that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it. commission co-head simpson says the growing threat poses a major threat to the u.s. economy. >> where is the tipping point? i don't know where it is, but when it comes, going to be so swift and so savage. >> reporter: obama's plan proposes $360 billion in cuts to medicaid, medicare and other health programs over the next decade. but because costs in those programs are rising fast, the debt would be $6.4 trillion higher in 10 years. the president's budget also proposes cuts to discretionary and mandatory spending that woul
that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it....
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but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we know what the program is. it's funded questionable projects as doggy daycare center in ohio, and a day at the circus in new york. the omb has repeatedly warned us that the program is in their words, ineffective. that is the bureaucracy's polite term for programs where they cannot trace the funding and cannot show any kind of effectivenesses. the legal authorization for this program expired in 1994, by this measure. as i said country triples. $2 billion is for road repair. including as he pointed out up to $20 million in guam the islands, and american samoa that aren't in the same ocean as hurrican
but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we...
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about the deficit. come on. what? oh, crap. >> stephanie: the only way to fix that is to destroy social security. >> yes. [ explosion ] >> stephanie: it just kills you, because you remember what a great idea it was the public option. >> that's right. >> how many european countries have opted for the american system? oh zero. >> stephanie: that's right. kids, rowland just put 20 seats on sale. oh it's his birthday. it's -- sexy is the code word. it's up on sexy liberal twitter, sexy liberal facebook and we will see you tomorrow before we fly to d.c. we'll see you tomorrow on the "stephanie miller show." ♪
about the deficit. come on. what? oh, crap. >> stephanie: the only way to fix that is to destroy social security. >> yes. [ explosion ] >> stephanie: it just kills you, because you remember what a great idea it was the public option. >> that's right. >> how many european countries have opted for the american system? oh zero. >> stephanie: that's right. kids, rowland just put 20 seats on sale. oh it's his birthday. it's -- sexy is the code word. it's up on...
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president also did however discuss revamping the tax code, reducing healthcare spending, trying to reduce deficits, but acknowledging the realities of divided government, said, quote, today's victories will only be partial. cheryl? cheryl: peter barnes of course standing by at the white house, big day in d.c., cold day as well. peter thank you. well, while most of the markets are closed today, money is still moving. now is your chance to make money on currencies. joining me now for a fox business exclusive interview is forex.com senior currency strategist. welcome. currency markets are moving today. currency is a bit of great interest with regards to the european currencies and there's japan. big meeting today, bank of japan, more concern about deflation in that country, what is your reading right now on the country of japan and the yen in particular? >> they have been taking some pretty extraordinary measures over the past to months or so -- past two months or so. been very very aggressive in terms of easing the japanese yen. he believes that's going to be the major thing to turn around the japan
president also did however discuss revamping the tax code, reducing healthcare spending, trying to reduce deficits, but acknowledging the realities of divided government, said, quote, today's victories will only be partial. cheryl? cheryl: peter barnes of course standing by at the white house, big day in d.c., cold day as well. peter thank you. well, while most of the markets are closed today, money is still moving. now is your chance to make money on currencies. joining me now for a fox...